Implementing B-BBEE initiatives will be expensive if a company cannot do the relevant planning and expenditure in advance and throughout its financial year.
The B-BBEE Codes can be complex, so a company must be proactive and not leave the planning and expenditure until the last minute.
It is very important to get a B-BBEE cost analysis done before embarking on the journey of becoming B-BBEE compliant. Doing a cost analysis will assist in knowing how much expenditure and what changes in the company’s structure need to occur to become B-BBEE compliant.
A B-BEE Legal Advisor can assist a company with implementing B-BBEE initiatives in a cost-benefit and cost-effective manner to achieve the desired B-BBEE level. This is done through a B-BBEE strategy which outlines and breaks down the related initiatives and costs.
The strategy will serve as a guideline for the company to keep track of their expenditure and measures put in place. A B-BBEE Legal Advisor will also assist in implementing the strategy so that the company can reach its desired level.
In conclusion, B-BBEE is evolving, and continuous planning is required to ensure the company stays abreast of the legislative changes.
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